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The broker is advertising a number of positions across its wealth management, institutional equities and corporate finance divisions

Merrion Landsbanki is looking to take advantage of layoffs and natural attrition across other brokerages amid the market downturn by launching a new recruitment drive.

The broker is advertising a number of positions across its wealth management, institutional equities and corporate finance divisions. It is understood to be planning to add as many as 10 new people to its existing workforce of about 100.

The move is seen as a signal the nine-year-old firm, headed by John Conroy, believes the market cycle is approaching a low point and that it is positioning itself for a recovery.

It comes hot on the heels of Davy completing consultations with staff last Friday on a restructuring programme that will see 70 of its 520 employees part company with the country's largest broker over the coming months.

This, coupled with 5pc salary cuts across remaining employees earning over €50,000 a year, is aimed at shaving as much as €10m in costs.

NCB Stockbrokers has cut about 10 jobs from its 195-strong staff in recent months, while it and Goodbody Stockbrokers have seen natural attrition - or not replacing staff leaving of their own accord - shave costs as they look to weather the market turmoil.

The City of London is expected to endure further swinging cuts over the coming months as bloodletting continues across investment houses, which may lead to some displaced, experienced UK-based Irish brokers seeking new jobs.

Merrion, founded in 1999 when Mr Conroy and six fellow executives left NCB, is looking for wealth management portfolio managers, institutional equity sales people, a stock analyst and a director and executive for its corporate finance business.

Icelandic banking giant Landsbanki revealed at the end of last month that it had paid 4.028bn Icelandic kroner in February for an additional 17pc stake in Merrion -- a price that equated to over €41m at the time. A subsequent slide in the value of the kroner means that the figure would currently only be worth less than €33m.